Pro Crypto United States Senator Cynthia Lummis, has suggested that the United States Federal Reserve (FED) should buy Bitcoin and hold on their balance sheet, the US Senator who has always advocated for Bitcoin and Crypto, in general, got into crypto as far back as 9years ago, when she was about to retire from the office as the 27th Treasurer of Wyoming back then in 2013, she was looking for something with a good store of value to invest her money into, her son in law told her about Bitcoin, she was interested so he taught her about Bitcoin.
To me the United States Senator made a very smart decision, in 2013 she bought Bitcoin while the price was just $350 and the current of Bitcoin is over $40k per one because of the dip, my head hurts when I try to calculate how much profit she has made over the year she held Bitcoin because that's about 120x from when she bought.
I guess that could be the reason why she is advising the Federal Reserve (FED) to buy Bitcoin and hold on their balance sheet because she has definitely seen a lot of profit from investing in Bitcoin, on Thursday during her speech on a panel hosted by the Orrin G. Hatch Foundation, she said since the FED holds over $40 billion in foreign currency reserves, that it will be a good idea for the FED's to buy Bitcoin when replying to a question asked by the panel moderator executive director of the Hatch Foundation and the panel host of the Future Of The Crypto Economy, Matt Sandgren.
https://m.youtube.com/watch?v=byRfAGyaFVc
in her own words:
"Once there is a statutory and regulatory framework, that will make a lot of sense," said Lummis. "The fact that [bitcoin] is completely decentralized, is going to make it over time more ubiquitous, and I think it's going to be something that the Fed should hold on its balance sheet."
she also added:
"Bitcoin is digital gold. It's hard money. There will only be 21 million ever produced."
Senator Cynthia Lummis also believe that eventually banks will set up crypto divisions and integrate crypto into what they are offering customers, although I don't think the FED or Center bank would want to hold Bitcoin on their balance sheet, but come it think of it, it won't be a bad idea.
What if the FED's takes her suggestion and starts buying Bitcoin? I guess that would solve a lot of regulatory problem, right?.
She has also proposed a bill, for self-regulatory organization or SRO for crypto that would make some initial calls on whether a crypto is a commodity or a security. And if either of the CFTC or the SEC agencies disagrees with that assessment, they can have a mechanism to pull it in their direction from a regulatory framework perspective, explained Lummis.
"This bill can be broken logically into about five or six pieces that are stand-alone, said Lummis. "We're working with other senate ffices in both parties to see who's interested in sponsoring the banking component, the privacy component, the consumer protection component of this legislation."
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Thats super cool if it could happen.
Yes it will be really nice.